8 Tips for Paying for Health Care in Retirement

With retiree benefits vanishing, there's even more reason to save for future medical costs

March 16, 2009 RSS Feed Print

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Go it alone. Retirees who find that they can't afford their medical needs sometimes choose to delay or go without necessary care. A Kaiser Family Foundation study found that some Medicare Part D enrollees who reached the "doughnut hole" gap in prescription drug coverage simply stopped taking their medication. For example, of those taking medications for specific conditions, 10 percent stopped taking oral anti-diabetic drugs, 18 percent gave up osteoporosis medications, and 20 percent discontinued the use of proton pump inhibitors to reduce gastric acid. But failing to treat a chronic condition will inevitably lead to higher health care costs in the future.

Invest in your health. Another answer to limiting the cost of health care is to take good care of yourself. There are no guarantees, of course, but in general a healthful diet and plenty of exercise will not only help you enjoy life but make living more affordable, too.

Tags:: healthcare,; retirement

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I found a great video series about this subject. It asks people how it would impact their lives if thier parents lost their healthcare benefits and then takes it a step further asking how it would impact them if their parents had to MOVE IN with them because they lost their healthcare. Check it out:
http://www.youtube.com/watch?v=o4kFwxmD3P4&feature=channel_video_title

Katie of NY 10:48AM December 05, 2011

I was wondering if there is any way a retired peson can pay their medical
insurance and medical bills with pretax dollars.
It does'nt seem rigt that it should only be available to people who are
still employed.

Kevin McGuire of MN 2:44PM November 03, 2011

Reading these repsonses I can't imagine living with your health-care "system"! Our National Medicare system that covers everyone is not perfect in many ways. It does not cover drugs, eyeglasses, physiotherapy (unless in a hospital setting), etc. You cannot just call up a specialist for diagnosis or opinion without your family doc's referral and often the wait may be many months. However, EVERYONE has equal coverage for physician and hospital treatment of serious illnesses and life-threatening diseases. We can also buy private health insurance with additional benefits (private room in a hospital, drugs, eyeglasses, etc.). It is high time the USA had a way to provide medical care for all its citizens.

vivian 12:29AM March 15, 2010